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Search Results 0 to 24 of about 25 (some duplicates have been removed)
to thank chairman bernanke for being here today. starting with your discussion on page 4, in addition to closing special facilities the federal reserve is normalizing its lending to commercial banks through the discount window and you go on to talk about your new federal funds rate and discussion about why you have done this and encouraging banks to go to the private market for investment and you say further in this discussion that these adjustments are not expected to lead for higher financial conditions for households and businesses. the last thing i heard before i came here this morning was a prediction by some of the analysts on television that in about one month we can expect that there will be an increase in interest rates on mortgages and home loans and everybody that i've talked to really believes that this change that you have made in the federal funds rate is what's going to trigger that. is that true or did you give any thought to this? how can you guarantee that it won't? >> congresswoman, it's not the federal funds rate that we raised. it was the discount rate. >> the dis
. bernanke said it. a lot of people said it. and then i said it after you said it. >> i know it. and you're on optimist. >> i am an optimist. >> in terms of why i thought it was contained was, first of all, i was talking about subprime and we made the mistake of just simply saying the subprime was not big in relation to a 13, $14 trillion u.s. economy. and what was really going on is we were talking about housing overall and since world war ii, housing, residential home prices, had generally gone up. and the mortgages were just considered to be very safe investments. and so the kind of decline we saw was something that was not envisioned in any kind of model. it wasn't anything that many people that were close it to -- after the fact, it seems obvious to all of us. but the -- and so when you had the kind of decline we saw in housing prices that changed the behavior of those of homeowners, and, also, the other thing you and i were talking about before the show is this -- all of this complexity. so when -- it. >> it's crazy. mortgage-backed securities that were rated triple-a by a bunch of
't you tell us what you think after hearing a couple days of bernanke's testimony on the hill. does it change your outlook on what the fed is doing? >> no, as long as they use the magic words, extended period, we know the fed will be on hold for at least six months. that's what bill dudley told us. he said extended period was the language the fed has put in the policy statement, means at least six months. it was a phrase repeated by st. louis fed president bullard recently. so whenever bernanke puts his word in on it as well, we can feel assured that the fed is not likely to move for at least six months. the fed needs to be very clear at this day and age. so if they're telling us that that's what extended period means, that's what it means. and so, until there's some other clarifying comments, that's what we have to go on. >> we had somebody who told us yesterday that maybe they could move 25, 50 basis points. it's not the extended period but they're focusing on the incredibly low rates. either one of you guys quily think that's the case? >> the focus is on the extraordinary program
had hey, ben bernanke, tim geithner and sheila bair at head of the fdic. i know a lot of people in finance and business and government. i cannot think of four people who would have done a better job to get us through that. it is fashionable to look back and look at one little aspect of what was happening our country's financial system froze up during that period. some of you were at a party i was at september 2008 when the talk of what are the money market funds save? when you have 3.5 trillion of funds held by 30 million people who on a sunday night worry about whether they can get their money, that was half of all deposits. you have a panic. you have commercial paper frees up entirely and some of the biggest companies in the united states that are described, worried if they would be payrolls in a short period of time. the six largest bank in the country with domestic deposits washington mutual and the third largest bank, wachovia, needed of shock on a monday morning to survive. most interesting, but this book starts and early september when freddie mac and fannie mae essential
2011, at the earliest. in testimony before this committee yesterday, chairman bernanke recommended we take steps to determine the future of gse's this year. with american taxpayers exposed to hundreds of billions of dollars in losses from fannie mae and freddie mac continuing operations, do you agree with german bernanke that we cannot afford to wait until next year to decide the gse's future? Ñi>> i believe the time is now o figure out what the proper questions are to ask him what is the proper role the government in the housing system, what is the future structure and objectives of the housing and finance system that policy makers believe is in the best interests of the country and i believe there is plenty of important questions and it is time to start asking in working toward answers right now. with that said, i appreciate the difficulties and challenges in getting to that as of the counter and get into a formal structure. i understand that will take a while. i believe we should absolutely take the time to get it right. i would be happy to work with this committee to start going
. appreciate getting my time. thank you, chairman bernanke, for being here. i do share one concern that senator vitter mentioned about the deficit. gosh, i wish we would have supported senator gregg's proposal when we had a chance, i think it was still the best, perhaps last-best proposal to actually force this congress to take an up or down vote on a plan that would put us back into fiscal sanity. i'm going to come back on the question of financial regulation. .. >> one of the comments you made and we are now 18 months after the crisis and you've said you have looked at the fed within supervision of the bank holding companies stronger capital, stronger risk supervision. you know, we've had a lot of discussion over the last 18 months about size. we've talked a bit earlier, senator raise questions about the volcker rule. i share some of your concerns about how you draw those lines. chairman dodd raise the question about using some of the intimate out there in terms of derivatives. can you tell us a little bit in his last 18 months with this increased focus on the largest sophisticated bank holdi
room that we were very fortunate as a country to have in place. we had hank. we have ben bernanke. we have tim geithner, and we had sheila bair, the head of the fdic. and i know a lot people in finance. i know a lot of people in business. i know a lot of people in government. and i can't think of four that would have done a better job of getting us through that. now it's kind of fashionable now to look back and pick out one little aspect or another of what was happening then, but our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008 when the talk was, are our money market funds safe? now, when you have 3.5 or more trillion of funds held by 30 million people, who on a sunday night are worrying about whether they can get their money, that money was half of all the deposits held by u.s. banks at the time. you have a panic. you had commercial paper freeze up entirely, and you had some of the biggest companies in the united states, and some of them are described in this book, to worry about whether they're going t
in place. we had hank, ben bernanke tim geithner and sheila bair the head of the fdic. i know a lot of people in finance and a lot of people in business and government. and i can't think of for that would have done a better job of getting us through that. now it's kind of fashionable to look back and pick at one aspect or another of what was happening and our country's financial system froze up during that period. some of you in this room were at a party i was at in september of 2008, one to talk was the money market funds saved. if we have 3.5 trillion fun missile by 30 million people who on is and they might are worrying about whether they can get their money that was half of all the process held by u.s. banks at the time you have a panic. you had commercial paper frees up entirely in the biggest companies of the united states and some are described in this book that worried whether they were going to meet their payroll and a short period of time to read the sixth largest bank in the country in terms of the domestic deposits, washington mutual failed over a weekend. you had the th
. people like alan greenspan and ben bernanke gave us the largest downturn since the great depression. that is why we have a huge budget deficit. we didn't have a huge tax cuts. we had stimulus and response to the downturn. we have higher unemployment if we have not had that but let's be clear if we are upset about the deficit greenspan and bernanke, i don't know why we reappointed bernanke. in terms of the entitlement programs, yeah we have a public pension program, which is hugely popular. you look at polling day that-- i was at a conference this morning in social security is over 90%. they ask people would you be willing to pay higher taxes to sustain sosa security benefits and 70 to 80% said yes. i don't see any problem with running a pension program through the public sector. what is the problem with the? it is usually popular. health care costs, medicare again. we are providing medicare health care benefits for seniors. that is also hugely popular. you have these tea party people out there yelling don't let the government touch medicare. they are anti-government but they want me
commercial real estate? i guess that you were all looking and listening to chairman bernanke when he talked about the next wave of defaults in the real estate area. >> yes. chair come well last questions, thank you very much -- develop last request questions. new loan fund than they did under the t.a.r.p. capital programs. one very important difference is that tarp was intended to provide capital for banks to assure their viability under conditions. this is powerful program designed to get banks to lend because as you know the dividend rate on this new capital can drop dramatically if and only if banks lend beyond where they are lending today. couple other points. the small banks we're talking about, have done a pretty good job of maintaining lending balances during this very difficult recession. we think many of them are eager to lend, and by providing them with more capital, in this case capital that could increase their tier 1 capital by 30 to 50% they should be more confident about able to support existing assets and increase their lending at the same time. >> it just brings me back mem
do you regret? where did you look back and say "that was the wrong call, by me, geithner, bernanke"? >> charlie i've thought about this a lot and i'm going to give you a number of mistakes i think i was involved in making. but the in 20/20 hindsight, the major decisions we made, i'm totally convinced, were the right calls and they were made in the face of unprecedented challenges with really imperfect tools without the authorities we needed in the middle of a very challenging political period with an election coming. and the reason i they is they worked and they prevented the collapse. so most of what is cited as mistakes were really things we had no control over. for instance, i would like to have seen the a.i.g. problem coming earlier. but there was no regulator that had responsibility for the whole institution and we just didn't have a clear line of sight and we didn't... we didn't have the information. i do not want to have lehman fail. i knew that would be a bad thing and we worked very hard to prevent it. but we didn't have the authorities to prevent the failure of he plan. .
we talk about where bin bernanke and i told congress we're going to need these authorities, and the difficulty we had at that time was as more and said better than i could. the arteries of the financial system were freezing up, and so i knew with certainty that business was going to turn down because when you have companies it is uncertain whether they will appeal to raise short-term funding. most of the cfo's are going to go to the ceo and say i may not be able to have all of the funding he would like for the next 30 days so what does a prudent company do? they start cutting back but the congress had an seen this yet so they hadn't seen it in their district so i knew with certainty it was going to get worse. i'm not sure i knew it was calling to be 10% on an employment but i knew we was going to be bad. so then, and i knew if they didn't do something in the collapsed, then the businesses wouldn't be able to find themselves, wouldn't be able to pay for the inventories and pay the supply years and would let employees the and the would ripple through the economy and we would
. people still point to may of '07 when bernanke says subprime is 9% of mortgages, right? they're not infallible. and we can't expect them to be, i guess, is the answer, right? >> none of us is infallible. if you didn't learn that, you missed something over the course of the past three years. >> dan's with us for the rest of the program. we've got a lot more to talk about. >>> meantime, any questions or comments this morning, we'd love to hear from you. our address is squawk@cnbc.com. >>> when we come back, european exposure, debt crisis overseas, how some u.s. companies might be impacted. >>> still to come, olympic skiers headed to the starting gate at whistler while bankers in new york await a possible auction. we'll get an update from daniel nu mudd, the ceo of fortress, just ahead. >>> time now for today's "aflac trivia question." what baseball player nicknamed the georgia peach amassed 4,189 hits in his career? this is not more benefits at greater cost to your company insurance. this is not how does it fit in my company's budget insurance. this is help protect and care for
that of course was going to burst, and this is why i get mad at people like alan greenspan and ben bernanke and most economists because god knows what on earth was going through their heads in the year 2003 to those of four cardinals five, 2006, to dozens of as the bubble could growing and growing and the savitt is okay and now they are surprised who could have known that is the joke we have or not washington they run around saying who could have known? anyone doing their job should have known. >> host: amity shlaes, anything you want to address? >> guest: i think it's important of the interplay and the war and domestic policy because when you have -- it's true the government can't think about two things at once. it can't walk and chew gum at the same time and when you have a distraction whether you believe it's something we should invest in, afghanistan, iraq or not the government doesn't think well what is going on at home so if he would have called on our various leaders at the fed or the white house over time under -- in this purpose it would be under president bush postsecondary 11th h
as a country to have in place, hank, ben bernanke kumbaya tim geithner and sheila bair the head of the fdic. i know a lot of people and finance and business and government. i cannot think of for that would have done a better job. but to look back of our country's financial system throes of during that period. some of you were in a party i was that in 2008 when the talk, when you have 3.5 four more trillion held by 30 million people on a sunday night are worried about whether they can get their money, that money was half of all deposits held in the banks at that time. you have a panic. you have commercial paper frees up entirely and some of the biggest companies described in the book worried if they would be payable in a short period of time. the sixth largest bank in the country with the maastricht staged domestic deposits and the third largest bank, wachovia, i needed a shotgun marriage on a monday morning and it just arrived this. interestingly the bookstores early september when fannie mae and freddie mac worry essentially bart -- broke. the two institutions guaranteed 40 percent of all res
get so mad at people like ben bernanke. most economists, god knows what on earth was going through their heads as they watch the bubble keep grow and grow and grow and said everything was okay. now they are surprised fukuda agnone? that is a joke we have around washington. anyone who is doing their job should have known. >> host: amity shlaes anything there you want to address? >> guest: i think it is important to think about the interplay between the war in domestic policy because it is true the government can think about two things at once. it cannot walk and chew gum at the same time and when you have a distraction, whether you believe it is something we should invest then, afghanistan, iraq, the government does not think well about what is going on at home so if you called on our various leaders that the fed or at the white house over time under, in this period under president bush,'s september 11 you would say are you concerned about fannie mae? they would say absolutely, here's the data and they are going out of control, fannie and freddie and we will be have legislation abou
bernanke is in, senator. >> yes, he is. >> that's all right with you, though. you're going to be okay, right? >> i'm going to be okay. i offer my congratulations. but i think it does accepted a message to be confirmed by the lowest margin in history, sends a message about the concern about the role he played and the build-up to the crisis. >> yeah, but senator, you were ready to take the other side, knowing he would get confirmed, and your constituents can still say, well, at least this senator took the populus side. took the. >> i took the position as the only democrat taking that position after a careful review of the things he stood for, alignment with greenspan, failure to resfond derivatives. the failure on consumer protection, the things you are talking about in terms of prepayment penalties and liar loans and so i think he failed on many fronts but he is there now and i hope he does a great job on monetary policy and gets consumer protection in an agency that will care about it. >> senator, thanks. you have to keep coming back. >> thank you. >> oregon, oregon. i know how to say
. bernanke looks closer to getting his way after what has been a fraught few months. calls the fed to -- host: chat mooga, tennessee, next on our republican line. laurie. caller: hi. i want to comment about the bipartisanship that i see a great deal of in washington and that seems to be that everybody is in agreement 100% on sucking up to their, to the people that spend the money on them, to get them voted in the office and everybody seems to be completely bipartisan on the fact that they're up there to look after their own skin and not the american people. and as far as trying to agree with somebody on the other side of the aisle just for the sake of being called bipartisan, where's your conviction? it doesn't matter whether you're republican or democrat, independent or whatever. if you've got conviction, stick with them. do what's right for america. not what's right for your party. not what's right for the people who paid to get you in office. and that's about all i have to say. host: orange county, creativity. kalee on our democrats line. caller: i'm a democrat who is going switch to an in
Search Results 0 to 24 of about 25 (some duplicates have been removed)